An Apple store in Jing'an district, Shanghai. [Photo: Shanghai Observer]

Shanghai cemented its status as a global retail powerhouse with the opening of a remarkable 770 flagship stores in the first seven months of 2024. This impressive figure represents a 16.5 percent increase over the same period in 2023. The number of high-level flagship stores, meanwhile, saw an annual growth of 26.6 percent with 119 new additions.

The data, released by DataQuest China during a recent event of the Shanghai Summer International Consumption Season, showcases the city's unwavering attractiveness to international and domestic brands. Shanghai's growing role as a gateway to both Asian and global markets was reinforced by five global debuts and four Asian debuts.

Jing'an and Huangpu districts remain the prime locations for flagship stores, attracting 145 and 136 newcomers, respectively. Meanwhile, Changning district established itself as a rising contender with 103 new flagships, driven by its appeal for street-level stores on popular streets like Dingxi Road Xianxia Road and Yuyuan Road.

West Nanjing Road in Jing'an district continues its reign as the top commercial area, attracting 58 new flagship stores spanning various industries. Zhenru Commercial Area in Putuo district witnessed a significant jump to second place with 41 new additions, propelled by the opening of Zhenru Uni Park Max. Huaihai Road Commercial Area closely followed, adding 31 new flagship stores to its repertoire.

Restaurants dominate the flagship stores, representing over 70 percent of all new openings. The numbers of hotpot, Cantonese cuisine, and bakery flagships increased significantly.

In addition, retail flagship stores experienced a growth of 31 percent, with a remarkable 20 new stores catering to the city's trendy youth, reflecting the burgeoning "manga, anime and games" (MAG) market.

Interestingly, luxury brands are adopting unique experiential approaches, exemplified by Dior's cafe at Taikoo Li Qiantan in Pudong New Area, Balenciaga's collaboration with Nanxiang Steamed Bun Restaurant in Xintiandi in Huangpu district, and the opening of Arc'teryx Museum & Cafe at Wheelock Square in Jing'an district.

Source: Shanghai Observer